Are there any assets that I cannot keep after filing for bankruptcy?

Yes, there are some assets that you cannot keep after filing for bankruptcy in Hawaii. Generally, if you file for a Chapter 7 bankruptcy, most of your assets will become part of the bankruptcy estate and be sold off to pay off debts. Exempt assets, however, are excluded from the bankruptcy process and remain in your possession. In Hawaii, some exempt assets include a homestead up to a value of $30,000, personal belongings, pension plans, professional licenses, insurance proceeds, and some tools of trade. Hawaii also allows debtors to choose between state and federal exemption laws. Federal laws include tax refunds, disability payments, alimony, and child support. It is important to remember that only certain assets are exempt from bankruptcy proceedings. Any property that is not exempt can be taken away and sold off to pay your creditors. If you are considering filing for bankruptcy in Hawaii, it is important to discuss your situation with a qualified lawyer who can help you understand the rules and regulations of the state. They can also help you understand which assets you can and cannot keep and make sure that your rights are protected.

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Are there any assets that I cannot keep after filing for bankruptcy?

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